<PAGE>
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (Fee Required)
For the plan year ended December 31, 1995
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (No Fee Required)
Commission file number 1-3932
Full title of plan: WHIRLPOOL 401(k) PLAN
Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
WHIRLPOOL CORPORATION
Administration Center
2000 North M-63
Benton Harbor, MI 49022-2692
Total Number of pages herein is _____ pages.
The Exhibit Index appears on page _____.
<PAGE>
Reference is hereby made to the Financial Statements attached hereto which begin
on p. F-1.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees of the Plan have duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
WHIRLPOOL 401(k) PLAN
Date: June 27, 1996
By: /s/ E.R. Dunn
-----------------------
Name: E.R. Dunn
Title: Trustee and Chairman of the
Individual Trustees
<PAGE>
ANNUAL REPORT ON FORM 11-K
FINANCIAL STATEMENTS
PLAN YEAR ENDED DECEMBER 31, 1995
WHIRLPOOL 401(k)PLAN
WHIRLPOOL CORPORATION
BENTON HARBOR, MICHIGAN
F-1
<PAGE>
FORM 11-K
FINANCIAL STATEMENTS
WHIRLPOOL 401(k) PLAN
WHIRLPOOL CORPORATION
The following financial statements of the Whirlpool 401(k) Plan are submitted
herewith:
<TABLE>
<CAPTION>
Page
<S> <C>
Report of Independent Auditors F-3
Statements of Assets Available for
Benefits -- December 31, 1995 F-4
Statements of Changes in Assets Available
for Benefits -- Two-Years Ended
December 31, 1995 F-5
Notes to Financial Statements F-6
Item 27a - Schedule of Assets Held for F-18
Investment Purposes
</TABLE>
Schedules Nos. I, II and III, for which provisions are made in the applicable
accounting regulations of the Securities and Exchange Commission, have been
omitted since the information required is shown in the related financial
statements and notes thereto.
F-2
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP]
Report of Independent Auditors
The Trustees
Whirlpool 401(k) Plan
We have audited the accompanying statements of assets available for benefits of
the Whirlpool 401(k) Plan as of December 31, 1995 and 1994, and the related
statements of changes in assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for plan benefits of the Plan at
December 31, 1995 and 1994, and the changes in its assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1995, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audits of the
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
April 19, 1996
F-3
<PAGE>
Whirlpool 401(k) Plan
Statements of Assets Available for Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1995 1994
--------------------------
(Restated)
<S> <C> <C>
Contributions receivable $ 7,783,258 $ 13,805,080
Interest and dividends receivable 555,279 585,747
Investments:
At fair value:
Common trust funds 263,768,324 179,918,953
Common stock of Whirlpool Corporation 66,191,880 70,190,004
At contract value:
Guaranteed investment contract 60,251,783 56,189,837
Group annuity contract 19,887,187 27,350,147
At cost:
Participant loans 15,312,081 11,290,487
--------------------------
425,411,255 344,939,428
--------------------------
Assets available for benefits $433,749,792 $359,330,255
==========================
</TABLE>
See accompanying notes.
F-4
<PAGE>
Whirlpool 401(k) Plan
Statements of Changes in Assets Available for Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1995 1994
--------------------------
(Restated)
<S> <C> <C>
ADDITIONS
Dividends on Whirlpool Corporation common stock $ 1,888,189 $ 1,508,711
Other dividends 11,889,525 5,474,145
Interest 5,811,499 11,155,451
--------------------------
19,589,213 18,138,307
Net realized and unrealized appreciation
(depreciation) in fair value of investments:
Whirlpool Corporation common stock 4,811,509 (19,359,678)
Investments other than Whirlpool Corporation
common stock 45,126,965 (15,300,166)
--------------------------
49,938,474 (34,659,844)
Employer contributions 3,410,838 7,897,965
Employee contributions 39,094,140 40,033,848
--------------------------
42,504,978 47,931,813
--------------------------
Total additions 112,032,665 31,410,276
DEDUCTIONS
Participant withdrawals 37,464,492 25,018,601
Administrative expenses 148,636 521,662
--------------------------
Total deductions 37,613,128 25,540,263
--------------------------
Net increase 74,419,537 5,870,013
Assets available for benefits at beginning of
year as previously reported 359,330,255 349,858,417
Adjustment to prior years' financial statements - 3,601,825
--------------------------
Assets available for benefits at beginning of
year as restated 359,330,255 353,460,242
--------------------------
Assets available for benefits at end of year $433,749,792 $359,330,255
==========================
</TABLE>
See accompanying notes.
F-5
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements
1. DESCRIPTION OF PLAN
The Whirlpool 401(k) Plan (the Plan) is a defined-contribution plan sponsored by
Whirlpool Corporation and participating subsidiaries (referred to as Employer or
Whirlpool.) The following description of the Plan provides only general
information. Participants should refer to the Whirlpool Savings Plan Summary
Plan Description for a more complete description of the Plan's provisions.
Every full-time employee of Whirlpool and every part-time employee of the
Employer who completes 1,000 hours of service during his or her initial year of
employment, or a subsequent calendar year, shall be eligible to participate in
the Plan.
Participation in the Plan is voluntary. The Plan allows each participant to
make tax-deferred contributions to the Plan, by payroll reduction, each payroll
period, in any whole percentage of eligible earnings up to 15%, but not to
exceed the maximum allowable annual contribution, as determined by the Internal
Revenue Code. Such elections are made and can be adjusted by giving notice to
the custodian via the voice response system on a daily basis, to be effective,
in most cases, as of the beginning of the next payroll period. In addition,
certain employees may make additional tax-deferred contributions to the Plan by
directing that a portion of any annual bonus due to the participant of one or
more designated bonus plans be deposited into the Plan. The amount of any such
additional tax-deferred contributions may be elected by the employee to equal
the same percentage of any annual bonus payment as is applied for payroll
reduction purposes or in any whole percentage between 0% and 75%, as the
participant elects, provided, however, that the reduction percentage applicable
to a participant who is a highly compensated participant may not exceed 15%.
For each year, the Employer establishes performance goals that consist of five
levels of performance for the Employer. The attainment of these goals results
in an Employer matching contribution based on the tax-deferred contributions of
each employee (other than exempt employees, and employees who terminated
employment during the year for a reason other than retirement, disability, or
death) that do not exceed 5% of the employee's eligible earnings, as follows:
(i) no matching contribution if Employer performance compared to goals is below
level 1 performance; (ii) a $.25 per dollar match for level 1 performance;
(iii) a $.40 per dollar match for level 2 performance; (iv) a $.50 per dollar
match for level 3 performance; (v) a $.60 per dollar match for level 4
performance; and (vi) a $.75 per dollar match for level 5 performance. Employer
matching contributions and tax-deferred contributions are 100% vested at all
times. Exempt employees are not eligible for Employer matching contributions.
Furthermore, participants who terminate during the year are not eligible for
Employer matching contributions.
F-6
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
The value of each participant's aggregate deposits can be invested in accordance
with that participant's election in one or more of the following investment
funds:
Index Fund
The objective of the Index Fund is to closely match the performance of the
Standard and Poor's 500 Index. This fund is 100% invested in the Woodward
Equity Index Fund. Because the fund is a broadly diversified fund, it may
invest in securities of Whirlpool or its subsidiaries.
Equity Growth Fund
The objective of the Equity Growth Fund is to achieve long-term capital
appreciation from common stocks. This fund is 100% invested in the IDS New
Dimensions Fund, Inc. Because the fund is a broadly diversified fund, it
may from time to time invest in securities of Whirlpool or its
subsidiaries.
Whirlpool Stock Fund
The objective of the Whirlpool Stock Fund is to allow participants to share
in the appreciation in value of the Employer's stock. This fund is
primarily invested in common shares of Whirlpool stock. The Fund also
invests a small portion of its assets in high-quality money market
securities to provide liquidity.
Income Fund
The objective of the Income Fund is to earn a consistent return with
stability of principal. The fund is invested in guaranteed investment
contracts and a common trust fund. The underlying securities of the common
trust fund include U.S. government bonds, Treasury notes, and corporate
bonds.
Balanced Fund
The objective of the Balanced Fund is to allow the investor to benefit from
periods of strength in both the stock and bond markets while helping to
F-7
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
reduce the risk of investing in a single market. It allows the participant
to utilize the expertise of a professional to make the critical asset mix
decision. This fund is 100% invested in IDS Investment Series, Inc.
Because the fund is a broadly diversified fund, it may, from time to time,
invest in securities of Whirlpool or its subsidiaries.
Effective January 1, 1995, participants can elect to invest in three additional
funds:
International Fund
The objective of the International Fund is to produce higher long-term
returns than the Index Fund; however, as with the Equity Growth Fund, this
also means that there is somewhat greater return volatility. Also, return
volatility may be increased due to the fact that this fund is invested
primarily in the common and preferred stock of companies located outside of
the United States, as well as in fixed income securities and other short-
term securities. Dividends are reinvested.
Small Capitalization Fund
The objective of the Small Capitalization Fund is to produce higher long-
term returns than the Equity Growth Fund; however, this also means that
there is somewhat greater return volatility. The fund is invested
primarily in common and preferred stock of companies located in the United
States with market capitalizations of not more than $300,000,000 at the
time the investment is made as well as in fixed income securities and other
short-term securities. Dividends are reinvested.
Money Market Fund
The objective of the Money Market Fund is to earn a good return for
investments concurrent with preservation of capital and liquidity. The
Money Market Fund is invested in obligations issued or guaranteed by the
U.S. government or its agencies, high quality certificates of deposit, time
deposits, bankers' acceptances, variable rate master notes, commercial
paper, and repurchase agreements.
F-8
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
Deposits and withdrawals from each investment fund and transfers among
investment funds are made by the Trust at the direction of the Employer based on
Plan participants' elections. The Employer is responsible for determining that
such transactions are in accordance with the Plan.
Income, including market value adjustments, under each of these funds is
allocated to the participants' accounts daily based on each participant's equity
in the fund.
Employer matching contributions are initially invested in the Whirlpool Stock
Fund (but may subsequently be transferred to another investment fund in
accordance with provisions of the Plan).
Plan investments are made in the manner specified in the Plan and Trust and in
accordance with the stated investment policies of the respective funds. To the
extent monies available for investment are not immediately invested, as provided
in the investment policy of each fund, such monies are temporarily invested in
short-term income investments. All investments are made in light of a
continuing evaluation of economic and market conditions that may cause such
investment policy to vary from time to time.
The Plan makes loans to participants in amounts up to the lesser of $50,000 or
50% of a participant's equity, with a minimum loan amount of $500. Each such
loan is allocated to a separate loan account and treated for investment purposes
as an investment of the participant who received the loan.
2. RESTATEMENT OF 1993 AND 1994 FINANCIAL STATEMENTS
The 1993 and 1994 financial statements have been restated: (1) to reflect at
contract value the guaranteed investment contract, as an investment of the Plan,
rather than the corporate bonds held by the insurance company as security for
its obligation under the wrap contract and to record the interest income earned
thereon, and (2) to reflect previously unrecorded dividend income for one common
trust fund. The effect of these adjustments was to increase 1994 dividend and
interest income by $1,800,561 and $3,160,348, respectively, and to increase
assets available for benefits at December 31, 1994 and 1993, by $4,960,909 and
$3,601,825, respectively, from amounts previously reported. These adjustments
had no effect on individual participant account activity previously reported to
participants.
F-9
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
3. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS HELD BY THE TRUST
All the investments of the Plan are held by the Trust. The NBD Bank is
custodian of the Trust's assets. The custodian invests all assets of the Trust
except as follows: (i) The Individual Trustees direct the investment of the
Whirlpool Stock Fund; (ii) the Individual Trustees also direct the extent to
which the assets credited to the Income Fund are invested in guaranteed
principal and interest contracts with insurance companies and used to purchase
wrap contracts issued by banks and insurance companies and options, futures and
other types of investments; and (iii) the Individual Trustees may direct that a
specified percentage of the assets credited to any or all of the investment fund
or funds be allocated to one or more separate accounts within said investment
fund and invested in accordance with the direction of the Individual Trustees or
an investment manager designated by the Individual Trustees.
Contributions, loan distributions and repayments, and participant withdrawals
are specifically identified to the fund or funds within the Trust to which
assets of the Plan are credited. Investment income and related expenses of the
Trust are allocated to the investment funds based on each investment fund's
proportionate share of the current value of the Trust assets at the end of each
month.
VALUATION OF INVESTMENTS
The Plan's investments represent the Plan's share of the Trust's investments.
The Plan's group annuity contracts and guaranteed investment contract are stated
at contract value as reported by the insurance companies. Contract value
represents contributions made under the contract, plus interest at the contract
rate, less the insurance companies' administrative expenses. Whirlpool common
stock is valued at the last reported sales price on a national securities
exchange on the last business day of the Plan year. The fair value of the
participation units owned by the Plan in the common trust funds is based on
quoted redemption values on the last business day of the Plan year. Participant
loans are valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the ex-
dividend date.
PLAN EXPENSES
In general, plan expenses, except for broker commissions and portfolio
transaction fees, are paid by Whirlpool.
F-10
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Trustees to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
RECLASSIFICATIONS
Certain amounts in the 1994 financial statements have been reclassified to
conform with the 1995 presentation.
4. INVESTMENTS
A summary of the investments held at December 31 is as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1995 1994
--------------------------
(Restated)
<S> <C> <C>
Investments, at fair value:
Common trust funds $263,768,324 $179,918,953
Common stock of Whirlpool:
(1,243,040 shares at December 31,
1995; 1,396,816 shares at
December 31, 1994) 66,191,880 70,190,004
Investments, at contract value:
Group annuity contract 19,887,187 27,350,147
Guaranteed investment contract 60,251,783 56,189,837
Investment, at cost:
Participant loans 15,312,081 11,290,487
--------------------------
Total investments $425,411,255 $344,939,428
==========================
</TABLE>
The group annuity contract had an average yield of 9.32% and 8.61% in 1995 and
1994, respectively. The credited interest rate was 9.25% in 1995 and 1994. The
contract matures in 1996; accordingly, the fair value is $19,887,187 at December
31, 1995.
F-11
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
The guaranteed investment contract had an average yield of 6.97% and 6.64% in
1995 and 1994, respectively. The credited interest rate, which is adjusted
annually on April 1, was 6.86% and 7.35% in 1995 and 1994, respectively. The
fair value of the wrapper contract is $1,749,117, and the fair value of the
underlying investment in the Lotsoff Capital Management Portfolio is $58,502,666
at December 31, 1995.
The fair value of individual investments that represent 5% or more of the Plan's
assets is as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1995 1994
-------------------------
(Restated)
<S> <C> <C>
Whirlpool common stock $ 66,191,880 $70,190,004
Woodward Equity Index Fund 57,060,824 40,334,743
Lincoln National Pension Insurance Company,
group annuity contracts - 27,350,147
PIMCO Funds, low duration portfolio 25,903,958 31,283,305
IDS New Dimensions Fund, Inc. 102,259,508 74,022,808
IDS Investment Series Inc., common, formerly
IDS Mutual, Inc. 31,126,659 27,136,999
Security Life guaranteed investment contract 60,251,783 56,189,837
NBD Master Trust Money Market Fund 29,017,615 -
</TABLE>
F-12
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. DETAIL OF THE ALLOCATION OF PLAN ASSETS
Detail of the allocation of Plan assets as of December 31, 1995, follows:
<TABLE>
<CAPTION>
SMALL
EQUITY WHIRLPOOL INTER- CAPITALIZA- MONEY
INDEX GROWTH STOCK INCOME BALANCED NATIONAL TION MARKET
FUND FUND FUND FUND FUND FUND FUND FUND
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions receivable $ - $ - $ - $ - $ - $ - $ - $ -
Interest and dividends
receivable - - 423,607 130,441 - - - 942
Investments:
Common trust funds 57,091,495 102,259,508 212,766 52,538,242 31,126,659 5,517,039 12,882,721 2,093,059
Common stock of Whirlpool - - 66,191,880 - - - - -
Group annuity contract - - - 19,887,187 - - - -
Guaranteed investment
contract - - - 60,251,783 - - - -
Participant loans - - - - - - - -
------------------------------------------------------------------------------------------------------
Total investments 57,091,495 102,259,508 66,404,646 132,677,212 31,126,659 5,517,039 12,882,721 2,093,059
------------------------------------------------------------------------------------------------------
Assets available for
benefits $57,091,495 $102,259,508 $66,828,253 $132,807,653 $31,126,659 $5,517,039 $12,882,721 $2,094,001
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CONTRIBUTIONS
LOAN PENDING
FUND ALLOCATION TOTAL
- - --------------------------------------------------------------------
<S> <C> <C> <C>
Contributions receivable $ - $7,783,258 $ 7,783,258
Interest and dividends
receivable - 289 555,279
Investments:
Common trust funds - 46,835 263,768,324
Common stock of Whirlpool - - 66,191,880
Group annuity contract - - 19,887,187
Guaranteed investment
contract - - 60,251,783
Participant loans 15,312,081 - 15,312,081
--------------------------------------
Total investments 15,312,081 46,835 425,411,255
--------------------------------------
Assets available for
benefits $15,312,081 $7,830,382 $433,749,792
=====================================
</TABLE>
Detail of the allocation of Plan assets as of December 31, 1994 (as restated),
follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME BALANCED LOAN PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions receivable $ - $ - $ - $ - $ - $ - $13,805,080 $ 13,805,080
Interest and dividends
receivable 2 - 409,495 175,975 - - 275 585,747
Investments:
Common trust funds 40,484,301 74,022,808 212,568 38,009,981 27,137,000 - 52,295 179,918,953
Common stock of Whirlpool - - 70,190,004 - - - - 70,190,004
Group annuity contract - - - 27,350,147 - - - 27,350,147
Guaranteed investment
contract - - - 56,189,837 - - - 56,189,837
Loans to participants - - - - - 11,290,487 - 11,290,487
---------------------------------------------------------------------------------------------------------
Total investments 40,484,301 74,022,808 70,402,572 121,549,965 27,137,000 11,290,487 52,295 344,939,428
---------------------------------------------------------------------------------------------------------
Assets available for
benefits $40,484,303 $ 74,022,808 $70,812,067 $121,725,940 $27,137,000 $11,290,487 $13,857,650 $359,330,255
=========================================================================================================
</TABLE>
F-13
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
6. DETAIL OF STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1995, follows:
<TABLE>
<CAPTION>
SMALL
EQUITY WHIRLPOOL INTER- CAPITALIZA- MONEY
INDEX GROWTH STOCK INCOME BALANCED NATIONAL TION MARKET
FUND FUND FUND FUND FUND FUND FUND FUND
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets available for
benefits at beginning
of year (as restated) $40,484,303 $ 74,022,808 $70,812,067 $121,725,940 $27,137,000 $ - $ - $ -
Dividends on Whirlpool
common stock - - 1,888,189 - - - - -
Other dividends 1,258,326 7,775,877 - 1,360,146 1,250,600 102,092 56,596 85,888
Interest 183,625 321,423 270,752 4,890,366 100,163 15,784 25,742 3,644
------------------------------------------------------------------------------------------------------
1,441,951 8,097,300 2,158,941 6,250,512 1,350,763 117,876 82,338 89,532
Net realized and unrealized
appreciation in fair value
of investments:
Whirlpool common stock - - 4,811,509 - - - - -
Investments other than
Whirlpool common stock 13,938,029 22,422,860 - 1,907,942 5,078,717 409,392 1,370,025 -
------------------------------------------------------------------------------------------------------
13,938,029 22,422,860 4,811,509 1,907,942 5,078,717 409,392 1,370,025 -
Employer contributions - - - - - - - -
Employee contributions 5,187,303 8,844,682 6,965,286 8,133,995 3,484,754 738,371 1,139,333 227,996
------------------------------------------------------------------------------------------------------
5,187,303 8,844,682 6,965,286 8,133,995 3,484,754 738,371 1,139,333 227,996
Participant withdrawals (2,220,324) (3,708,127) (3,910,029) (23,812,045) (2,425,763) (49,928) (67,898) (511,395)
Loans issued (1,518,255) (2,727,039) (3,481,654) (2,562,529) (788,307) (79,649) (173,662) (46,742)
Loan repayments 972,459 1,712,162 1,425,718 1,624,588 600,076 92,753 142,340 27,164
Administrative expenses (43,374) (21,728) (39,716) (27,878) (7,369) (758) (1,868) (499)
Interfund transfers (1,150,597) (6,383,410) (11,913,869) 19,567,128 (3,303,212) 4,288,982 10,392,113 2,307,945
------------------------------------------------------------------------------------------------------
Assets available for
benefits at end of year $57,091,495 $102,259,508 $ 66,828,253 $132,807,653 $31,126,659 $5,517,039 $12,882,721 $2,094,001
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CONTRIBUTIONS
LOAN PENDING
FUND ALLOCATION TOTAL
--------------------------------------
<S> <C> <C> <C>
Assets available for
benefits at beginning
of year (as restated) $11,290,487 $ 13,857,650 $359,330,255
Dividends on Whirlpool
common stock - - 1,888,189
Other dividends - - 11,889,525
Interest - - 5,811,499
---------------------------------------
19,589,213
Net realized and unrealized
appreciation in fair value
of investments:
Whirlpool common stock - - 4,811,509
Investments other than
Whirlpool common stock - - 45,126,965
---------------------------------------
- - 49,938,474
Employer contributions - 3,410,838 3,410,838
Employee contributions - 4,372,420 39,094,140
---------------------------------------
- 7,783,258 42,504,978
Participant withdrawals (758,983) - (37,464,492)
Loans issued 11,377,837 - -
Loan repayments (6,597,260) - -
Administrative expenses - (5,446) (148,636)
Interfund transfers - (13,805,080) -
---------------------------------------
Assets available for
benefits at end of year $15,312,081 $ 7,830,382 $433,749,792
=======================================
</TABLE>
F-14
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. Detail of Statement of Changes in Assets Available for Plan Benefits
(continued)
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1994 (restated), follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME BALANCED LOAN PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets available for
benefits at begin-
ning of year as
previously reported $40,566,786 $75,781,461 $63,070,323 $119,568,137 $29,869,122 $ 7,786,463 $13,216,125 $349,858,417
Adjustment to prior
years' financial
statements - - - 3,601,825 - - - 3,601,825
-------------------------------------------------------------------------------------------------------------
Assets available
for benefits at
beginning of
year as restated 40,566,786 75,781,461 63,070,323 123,169,962 29,869,122 7,786,463 13,216,125 353,460,242
Dividends on Whirlpool
common stock - - 1,508,711 - - - - 1,508,711
Other dividends 1,157,162 - - 1,800,561 2,516,422 - - 5,474,145
Interest 133,840 254,992 201,483 10,488,511 76,625 - - 11,155,451
-------------------------------------------------------------------------------------------------------------
1,291,002 254,992 1,710,194 12,289,072 2,593,047 - - 18,138,307
Net realized and un-
realized depreciation
in fair value of
investments:
Whirlpool common stock - - (19,359,678) - - - - (19,359,678)
Investments other than
Whirlpool common
stock (720,204) (5,960,385) - (5,172,719) (3,446,858) - - (15,300,166)
-------------------------------------------------------------------------------------------------------------
(720,204) (5,960,385) (19,359,678) (5,172,719) (3,446,858) - - (34,659,844)
Employer contributions - - - - - - 7,897,965 7,897,965
Employee contributions 5,509,509 9,933,839 7,340,612 7,445,957 3,896,816 - 5,907,115 40,033,848
-------------------------------------------------------------------------------------------------------------
5,509,509 9,933,839 7,340,612 7,445,957 3,896,816 - 13,805,080 47,931,813
Participant withdrawals (1,780,417) (1,866,028) (1,673,605) (17,941,661) (1,732,511) (24,379) - (25,018,601)
Loans issued (1,015,491) (2,050,749) (2,636,544) (1,920,255) (666,429) 8,289,468 - -
Loan repayments 687,017 1,318,441 1,054,577 1,267,481 433,549 (4,761,065) - -
Administrative expenses (45,114) (23,269) (40,383) (322,972) (12,360) - (77,564) (521,662)
Interfund transfers (4,008,785) (3,365,494) 21,346,571 2,911,075 (3,797,376) - (13,085,991) -
-------------------------------------------------------------------------------------------------------------
Assets available for
benefits at end of year
as restated $40,484,303 $74,022,808 $70,812,067 $121,725,940 $27,137,000 $11,290,487 $13,857,650 $359,330,255
=============================================================================================================
</TABLE>
F-15
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
7. INCOME TAX STATUS
The Internal Revenue Service ruled on March 27, 1995 that the Plan qualifies
under section 401(a) of the Internal Revenue Code (IRC), and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Plan administrator is not aware of any course
of action or series of events that have occurred that might adversely affect the
Plan's qualified status.
F-16
<PAGE>
Supplemental Schedules
F-17
<PAGE>
Whirlpool 401(k) Plan
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
NUMBER OF COST CURRENT
SHARES OR CONTRACT MARKET
DESCRIPTION OF INVESTMENT OR UNITS VALUE VALUE
- - ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common trust funds:
PIMCO Funds, low duration portfolio 2,562,212 units $ 25,910,150 $ 25,903,958
Woodward Equity Index Fund 4,033,137 units 43,512,069 57,060,824
IDS New Dimensions Fund Inc. 5,921,222 units 84,335,762 102,259,508
IDS Investment Series Inc. common, formerly
IDS Mutual Inc. 2,379,714 units 29,431,727 31,126,659
American Fund - Europacific Growth Fund
Common SHS Ben Int 238,523 units 5,222,880 5,517,039
Heartland Value Fund Inc Common 460,920 units 12,219,482 12,882,721
NBD Master Trust Money Market Fund 29,017,615 units 29,017,615 29,017,615
--------------------------
Total common trust funds 229,649,685 263,768,324
Whirlpool Corporation common stock 1,243,040 shares 56,211,721 66,191,880
Insurance contracts:
Lincoln National Pension Insurance Company
Contract GA-8645, 9.25%, maturing 9/30/96 19,887,187 19,887,187
Security Life guaranteed investment contract 60,251,783 60,251,783
Participant loans (9%) - 15,312,081
-------------------------
Total investments $366,000,376 $425,411,255
==========================
</TABLE>
F-18
<PAGE>
Whirlpool 401(k) Plan
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1995
<TABLE>
<CAPTION>
CURRENT
IDENTITY NUMBER VALUE
OF OF OF ASSET ON
PARTY TRANS- PURCHASE SELLING COST OF TRANSACTION NET GAIN
INVOLVED DESCRIPTION OF ASSETS ACTIONS PRICE PRICE ASSET DATE (LOSS)
- - --------------------------------------------------------------------------------------------------------------------------------
Category (iii) - Series of transactions in excess
of 5% of plan assets
- - -------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NBD Bank* NBD Master Trust Money Market Fund 532 $78,651,532 $ - $ - $78,651,532 $ -
548 - 56,625,464 56,625,464 - -
IDS New Dimensions Fund 197 27,797,199 - - 27,797,199 -
143 - 21,983,360 19,925,690 - 2,057,670
IDS Investment Series 181 7,453,526 - - 7,453,526 -
151 - 8,245,898 8,530,461 - (284,563)
Woodward Equity Index 210 12,069,305 - - 12,069,305 -
164 - 8,721,581 7,338,122 - 1,383,459
Whirlpool Corporation common stock 90 17,781,714 - - 17,781,714 -
137 - 26,591,348 21,409,106 - 5,182,242
</TABLE>
*Party in interest.
Note: There were no category (i), (ii), or (iv) reportable transactions for the
year ended December 31, 1995.
Expenses related to the purchase and sales of investments are included in the
cost of the investment or the proceeds from the sale and are not separately
identified.
F-19
<PAGE>
Exhibit Index
-------------
<TABLE>
<CAPTION>
Sequential
Exhibit No. Document Page Number*
- - ----------- -------- ------------
<C> <S> <C>
24 Consent of Ernst & Young
</TABLE>
- - -----------------------------------------
*This information appears only in the manually signed original of the Form 11-K
<PAGE>
CONSENT OF ERNST & YOUNG LLP
We consent to the incorporation by reference in the Registration Statements
(Form S-8 Nos. 33-26680 and 33-53196) pertaining to the Whirlpool 401(k) Plan of
Whirlpool Corporation and in the related Prospectus of our report dated April
19, 1996, with respect to the financial statements and schedules of the
Whirlpool 401(k) Plan, included in this Annual Report (Form 11-K) for the year
ended December 31, 1995.
ERNST & YOUNG LLP
Chicago, Illinois
June 25, 1996
